Plans for a new art museum on New Holland Island in St. Petersburg, Russia were announced. The museum will cost an estimated £250 million and will be developed by Russian billionaire Roman Abramovich, who is as much known for owning the Chelsea football club as he is for dating Daria Zhukova, an oil heiress/former model/gallery owner/current member of the board of trustees of the Los Angeles County Museum of Art (LACMA). Abramovich will develop the project through the venture New Holland Development.

According to the, Abramovich purchased the buildings on the former military base of New Holland Island for £250 million with the intention of revitalizing the area and transforming the decrepit warehouses into a booming commercial cultural center. Call it ‘Extreme Makeover: Old Russian Military Base Edition.” The project will feature a museum—rumored to become the permanent home of the billionaire’s growing art collection—as well as a mixed use complex with residential, retail, office and hotel space. The project will take an estimated six years.

"It will be a multi-functional complex of offices, housing, retail, galleries and hotels. We are now working on partners and architects,” John Mann, spokesman for Abramovich, told the Telegraph. "It is great for the city of St [P]etersburg. It is a new centre of business, commerce and culture right in the middle of town.. It's great for the city. It is a great project for us to [be] involved in."

Abramovich burst onto the art scene in 2008 with two record-setting purchases at New York auctions. He purchased a painting by Lucien Freud for £17 million and Francis Bacon’s Triptych, 1976 for £43 million—all within a 24 hour period.

Though Baron Norman Foster designed the plan for the initial base renewal project, Abramovich is considering other designs. Architects, start your CAD programs.

Source: Telegraph UK

Join Businessfriend today. Where social networking leads to productivity

Featured Articles + MORE Featured Articles >>